Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (440342)	8/10/2003 11:29:38 AM
From: Peter O'Brien	Respond to of 769670

42 years ago, you were paying a SS tax rate that is FAR less on a MUCH SMALLER amount of your income than today's workers. taxpolicycenter.org.\tables\Payroll\PDF\ssrate_historical.PDF How is it fair that a young worker today (the same age as you were 42 years ago!) has to pay a MUCH HIGHER tax than you did? The reason why you were paying so much less is that the SS program was (and still is) a fraud designed to buy votes. The politicians promoting SS promised great benefits, but they "paid" for these benefits with an actuarially unsound Ponzi scheme. The federal government would prosecute and throw in jail the administrators of any pension plan in the private sector that was run like SS! But all Ponzi schemes must come to an end. The arithmetic is inescapable. Also, the fact that you were "self-employed" means nothing. It does not mean that you "paid more" than a regular full-time employee. The reason is that the employer must match the employee's tax, so effectively the employee is still paying for it (by receiving a smaller salary to make up for the tax on the employer).

To: Kenneth E. Phillipps who wrote (440342)	8/10/2003 11:44:22 AM
From: Peter O'Brien	Respond to of 769670

Actually, as a self-employed person, you were being taxed LESS than a regular full-time employee until the 1980's when the rates were equalized! ssa.gov Note that prior to the 1980's, if you double the tax rate in the first yellow column (for full-time employees _and_ their employers) it is MORE than the tax rate in the second yellow column (for self-employed persons). So, as a self-employed person, you didn't even pay your "fair share" compared to regular full-time employees and their employers.